Regulatory Alerts2014-12-15
Regulations amending Finansinspektionen’s regulations and general guidelines regarding the management of operational risks
Finansinspektionen, the Swedish financial supervisory authority, amended its regulations on operational risk management to explicitly define the scope of applicable undertakings. The revised text specifies that the rules apply to banking companies, savings banks, members’ banks, credit market companies, credit market associations, and investment firms. Furthermore, the regulations mandate application at the group or subgroup level in accordance with the Special Supervision of Credit Institutions and Investment Firms Act and entered into force on 2 August 2014.
Finansinspektionen’s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. 1 Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2014:4) regarding the management of operational risks; decided on 26 June 2014. Finansinspektionen prescribes pursuant to Chapter 5, section 2, point 5 of the Banking and Financing Business Ordinance (2004:329) that Chapter 1, section 2 of Finansinspektionen’s regulations and general guidelines (FFFS 2014:4) regarding the management of operational risks shall have the following wording. Chapter 1 Section 2 These regulations apply to the following undertakings:
- banking companies,
- savings banks,
- members’ banks,
- credit market companies,
- credit market associations, and
- investment firms. The regulations shall, in accordance with what is set forth in Chapter 3, section 4 of the Special Supervision of Credit Institutions and Investment Firms Act (2014:968), be applied at group or subgroup level.
These regulations shall enter into force on 2 August 2014. ANNIKA ZERVENS Camilla Edvardsson FFFS 2014:31 Published on 9 July 2014